Shanghai Huitong Energy Co.,Ltd Stock Forecast

Evaluation of Shanghai Huitong Energy Co.,Ltd stock downgraded after the last trading session.
(Updated on Jun 28, 2024)

600605.SS Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, June 18, 2024, and so far it has risen 5.02%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Shanghai Huitong Energy Co.,Ltd stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $25.21 and $27.41. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The stock had a Golden Star Signal on Tuesday, March 26, 2024 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Shanghai Huitong Energy Co.,Ltd stock

Shanghai Huitong Energy Co.,Ltd finds support from accumulated volume at $24.80 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.84 between high and low, or 7.41%. For the last week, the stock has had daily average volatility of 4.76%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (600605.SS) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Shanghai Huitong Energy Co.,Ltd to open at $25.47, and during the day (based on 14 day Average True Range), to move between $23.52 and $26.24, which gives a possible trading interval of +/-$1.36 (+/-5.47%) up or down from last closing price. If Shanghai Huitong Energy Co.,Ltd takes out the full calculated possible swing range there will be an estimated 10.94% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $24.80 (0.32%) than the resistance at $25.25 (1.49%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Shanghai Huitong Energy Co.,Ltd stock A Buy?

Shanghai Huitong Energy Co.,Ltd holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -3.796 Sell Candidate Downgraded

Predicted Opening Price for Shanghai Huitong Energy Co.,Ltd of Monday, July 1, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.